Rep. Dean Phillips didn’t disclose real estate holding company

U.S. Rep. Dean Phillips didn’t disclose his sole membership in a real estate holding company that owns at least three properties, including his townhome in Washington, D.C. and a farmhouse estate in Virginia, according to The Daily Beast’s Roger Sollenberger.

The scrutiny of Phillips, who represents the Minneapolis suburbs and serves on the House Ethics Committee, comes after he launched a long-shot challenge to President Joe Biden for the Democratic nomination.

Sollenberger reports the undisclosed corporation — Annadea LLC — was created a few months before Phillips purchased the D.C. townhome in 2019 and does not appear on Phillips’ most recent financial disclosure. Phillips’ office did not immediately respond to the Reformer’s request for comment or to The Daily Beast.

Sollenberger reports Phillips bought a $1.5 million townhome in southeast D.C. in 2019 in cash before borrowing $1.3 million against the house the next month. That deed of trust carries an occupancy requirement that the borrower maintain the property as his primary residence for at least one year.

Phillips purchased the Virginia farmhouse estate in Middleburg, known for its sprawling estates and equestrian amenities, for $2.9 million in 2021. It’s there he announced his bid for president in an interview with a CBS News reporter.

He and his wife have embraced the bucolic amenities of Middleburg, taking up dressage and attending polo events, according to Sollenberger’s reporting.

Phillips owns a home in Minnesota but does not claim a homestead exemption in the state, nor at any of his other properties, according to The Daily Beast. His Virginia property did qualify for an agricultural tax break this summer, however.

Phillips is heir to a liquor fortune and made money of his own through business ventures including the popular ice cream brand Talenti, now owned by Unilever. He estimates his net worth is $50 million, but it’s difficult to verify because of the complexities of his finances and the nature of finance disclosure laws.